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2006 Session

Budget Amendments - SB30 (Member Request)

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Chief Patron: Governor Kaine
Provide Funding for the Virginia Housing Partnership Revolving Fund

Item 103 #6g

Item 103 #6g

First Year - FY2007 Second Year - FY2008
Commerce And Trade
Housing and Community Development, Department of FY2007 $2,500,000 FY2008 $0 GF

Language
Page 81, line 20, strike "$47,705,638" and insert "$50,205,638".
Page 82, after line 17, insert:
"E.1.  Out of the amounts for Housing Assistance Services, $2,500,000 the first year from the general fund shall be deposited to the Virginia Housing Partnership Revolving Fund.
2.  The Department of Housing and Community Development shall target assistance from this funding to the development of affordable housing located near public transportation for households with incomes below 80 percent of Area Median Income."


Explanation
(This amendment provides funding for the Virginia Housing Partnership Revolving Fund. The Department of Housing and Community Development will target assistance from this funding to transit-oriented affordable housing for households with incomes below 80 percent of Area Median Income. This amendment will increase the range of affordable housing options available to low- and moderate-income households and demonstrate best practices for linking housing development to transportation.)